We dig into why timing rules the pivot from Bitcoin mining to HPC AI and how power, clients, and chip cycles shape who wins by 2026. We compare Riot, Iron, and Hut 8 on revenue certainty, ERCOT dynamics, and the trade-off between speed and future-proof builds.

• bitcoin price stuck while miner equities lift
• market rewards contracted HPC revenue over hash price
• hyperscaler capex surge as demand for power accelerates
• gpu lifecycles and depreciation drive margin durability
• riot’s staged ai deals and roi math
• IREN’s multi-gigawatt roadmap and hashrate shift
• hut 8’s ercot exposure and queue reform impact
• cost per megawatt, density planning, and speed to revenue
• institutional flows into bitcoin etfs and miner equities
• key milestones expected through 2026

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